[Global] Paycom expands global footprint with move into Canada

Payroll provider Paycom has announced that it is expanding its flagship offering, Beti, to clients in Canada, aiming to better serve businesses with a global footprint, HR Brew reports.

“Now, more North American businesses will be able to improve their payroll processing by giving their employees a more transparent and user-friendly experience in Canada with Beti,” Paycom President and CEO Chad Richison told investors on Paycom’s Q2 earnings call.

In addition, the company reportedly announced its Q2 revenues at $401 million, up 27 per cent YOY.

Mr Richison said the move would open up the company’s target market to organisations with more than 10,000 employees.

News of the expansion follows an April announcement when Paycom made its Global HCM offering available to more than 180 countries and in 15 languages.

“We’re not picking the easiest countries. We’re picking the countries that have the greatest amount of US-based company employees,” Mr Richison said

He added that Canada is the first stop, but offering Beti in about 20 additional countries would allow Paycom to meet the needs of its US-based clients.

Paycom is reportedly doubling down on efforts to drive customers toward Beti, its automated employee-driven payroll system launched in 2021. Beti allows employees to see and adjust their payroll to address issues before cheques are issued.

According to Mr Richison, about 60 per cent of existing clients have moved to Paycom’s new employee self-service approach, although he said it has been a “harder slog” to keep moving existing Paycom clients.

“We’ve been changing out the jet engines on our plane in mid-flight here,” he said. “Beti dramatically changes the way our clients do their payroll, produces a dramatic ROI. So, we have to remain disciplined. We’re not going to make a client go on it. We have to sell them on it and it takes a while.”

Paycom commissioned a total economic impacts study to identify the ROI for HR teams who switch to Beti to help make the case for the other 40 per cent of clients. According to a company report, that study showed that Beti reduced time spent processing payroll by 90 per cent.

Source: HR Brew

(Link and quotes via original reporting)

Payroll provider Paycom has announced that it is expanding its flagship offering, Beti, to clients in Canada, aiming to better serve businesses with a global footprint, HR Brew reports.

“Now, more North American businesses will be able to improve their payroll processing by giving their employees a more transparent and user-friendly experience in Canada with Beti,” Paycom President and CEO Chad Richison told investors on Paycom’s Q2 earnings call.

In addition, the company reportedly announced its Q2 revenues at $401 million, up 27 per cent YOY.

Mr Richison said the move would open up the company’s target market to organisations with more than 10,000 employees.

News of the expansion follows an April announcement when Paycom made its Global HCM offering available to more than 180 countries and in 15 languages.

“We’re not picking the easiest countries. We’re picking the countries that have the greatest amount of US-based company employees,” Mr Richison said

He added that Canada is the first stop, but offering Beti in about 20 additional countries would allow Paycom to meet the needs of its US-based clients.

Paycom is reportedly doubling down on efforts to drive customers toward Beti, its automated employee-driven payroll system launched in 2021. Beti allows employees to see and adjust their payroll to address issues before cheques are issued.

According to Mr Richison, about 60 per cent of existing clients have moved to Paycom’s new employee self-service approach, although he said it has been a “harder slog” to keep moving existing Paycom clients.

“We’ve been changing out the jet engines on our plane in mid-flight here,” he said. “Beti dramatically changes the way our clients do their payroll, produces a dramatic ROI. So, we have to remain disciplined. We’re not going to make a client go on it. We have to sell them on it and it takes a while.”

Paycom commissioned a total economic impacts study to identify the ROI for HR teams who switch to Beti to help make the case for the other 40 per cent of clients. According to a company report, that study showed that Beti reduced time spent processing payroll by 90 per cent.

Source: HR Brew

(Link and quotes via original reporting)